Intesa Sanpaolo sells the properties legacy of bankruptcies: Bain, Cerberus and Negentropy are competing

8 October, Il Sole 24 Ore

Intesa Sanpaolo launches the sale of a significant portfolio of properties acquired by the bank after bankruptcies procedures. There is not only the activity of transferring non performing loans for the banks dealing with bad loans. The new trend is to sell the underlying real estate property backing the credit, an operation more and more adopted by banks. In the case of Intesa Sanpaolo, over one hundred properties will be sold, the majority of which for industrial use, for a value, according to the rumours, of more than 100 million euro. Some funds should be already evaluating the potential of the operation, seeing in it an opportunity to generate value. In fact, the American Bain and Cerberus and the British group Negentropy Capital Partners should have already made offers for the portfolio of more than 100 properties. The dossier, which the specific Intesa division is working on, is called project Hemera. In this way, the bank led by Carlo Messina continues its cleanup process. As anticipated by Il Sole 24 Ore in July, the so-called Rep project is about to be finalised. Shortlisted for the NPL portfolio in reorganisation phase for a value of 1.35 billion are Gwm together with Pimco, Pillarstone together Kkr and Coima, and Tpg together with Starwood and Prelios. The binding offers are expected by middle October.

SourceL: Il Sole 24 Ore (by Carlo Festa)

Translator: Cristina Ambrosi

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